Financial watchdog to target moneylenders

UNREGULATED moneylenders are to come under scrutiny following the establishment yesterday of a new financial watchdog.

The Financial Services Ombudsman is to be given the power to investigate complaints against a group of moneylenders that are currently unsupervised.

This group of money lenders was put in the spotlight last February following raids on one such institution as part of an alleged IRA money-laundering investigation.